Bridgewater Bank Canada is one of many banking and financial institutions in Canada that provides customers with comprehensive financial products and services.
The Alberta-based Bridgewater Bank, a Schedule 1 chartered bank, and a branchless digital bank offers various financial and investment products and services. Most importantly, the bank provides mortgage and deposit options to make banking easier for Canadians.
With safety regulations and a guaranteed return on investments package in place, Bridgewater Bank Canada boasts a portfolio of over $2.6 billion, representing more than 35,000 accounts across Canada.
Find out more about one of Canada’s finest chartered banks, including its customize options, rates, and products offer.
Disclaimer: Rates and product offerings are always changing so this article might not reflect the current market situation. Please contact your financial advisor before making any financial decisions.
About Bridgewater Bank Canada
Bridgewater Bank Canada is a Schedule 1 financial institution in Canada. The bank specializes in competitive residential mortgages, including fixed and variable, closed and open, collateral and traditional mortgage options. Also, Bridgewater Bank Canada provides investment and savings accounts for financial products.
Bridgewater Bank Canada is a subsidiary of the Alberta Motor Association (AMA), a wholly-owned division of the largest membership service organization in Alberta. Bridgewater Bank Canada was established in 1997 to provide digital banking products and services across Canada.
In January 2006, the bank received its licence from the Office of the Superintendent of Financial Institutions (OSFI) to become a federally regulated financial institution in Canada.
As an online and digital bank, Bridgewater Bank Canada has no physical branches, unlike traditional banks. With a portfolio of over $2.6 billion, representing over 35,000 accounts across Canada, Bridgewater Bank specializes in chartered banking, mortgage services, and financial deposits.
Bridgewater Bank Canada Products and Services
With its main office in Calgary, Alberta, Bridgewater Bank Canada, being a branchless and virtual bank, provides its services across Canada. The bank provides three distinct products:
Bridgewater Bank Canada Mortgages
Bridgewater Bank specializes in providing mortgage services to Canadians (except Québec) through a select network of brokers. With its flexible and simple mortgage options and solutions, Bridgewater Bank positions itself as one of Canada’s top alternative mortgage companies.
By operating through its chain of valued expert mortgage broker partners, the bank provides unique mortgage products designed to meet each individual’s needs.
Besides, if you need help finding a mortgage broker, Bridgewater Bank has a team of Business Development Managers that can connect you to an accredited mortgage professional (AMP) from its external preferred brokerages in your area.
Bridgewater Bank Mortgage Solutions
As a lending institution, Bridgewater Bank provides mortgage solutions, including insurance and other security options. Before settling for Bridgewater Bank mortgage services, here are few things to note.
Bridgewater Bank Mortgage Insurance
Bridgewater Bank provides coverage services to customers, including:
Mortgage Default Insurance
Mortgage default insurance is an insurance policy that protects lending institutions like Bridgewater Bank against loss caused by payment default by a borrower. Payment defaults usually occur when a payment is not made on the scheduled due date.
In Canada, Bridgewater Bank and other lenders must obtain mortgage default insurance when a borrower makes a down payment of less than 20 percent of the purchased price. Insurance companies charge a mortgage default insurance premium.
This premium is charged to the customer (mortgage borrower) by the bank (lender). Bridgewater Bank obtains mortgage default insurance from Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada, and Canada.
Mortgage Life and Disability Insurance
To ensure that your family can continue mortgage payments in the event of a temporary or permanent loss of income caused by illness, injury, or death, Bridgewater Bank Canada provides mortgage life insurance and mortgage disability insurance to eligible borrowers at competitive rates. These two coverages are provided through the Manulife Credit Security Plan (CSP) for mortgages up to $1 million.
Bridgewater Bank Security and Registration
When you set up your mortgage with Bridgewater Bank, the bank (lender) will secure the loan by registering a “charge” against your priority. These are Standard charges and Collateral charges.
Standard Charge Mortgages
Bridgewater Bank registers all mortgages as standard charge mortgages. Using a document known as Standard Mortgage Terms, Bridgewater Bank registers a charge on your land for the actual loan amount during the registration process. You can transfer your existing standard charge mortgage to a different lender at the end of your term.
Collateral Charge Mortgage
Collateral charge mortgages allow you to use your property as security for additional purposes. Under this arrangement, a lender can register the charge for 100 percent or more of the value of your home though you’re borrowing a lower percentage of your home’s value. However, you only have to pay interest and refunds on the actual loan.
Bridgewater Bank Mortgage Terms and Rates
Bridgewater Bank Canada provides a fixed-rate mortgage, which implies that your interest rate and payment remain unchanged for the term of your loan.
Mortgages are available in 1, 2, 3, and 5-year terms, depending on the mortgage type that suits your plans. Canadian banks and financial institutions like Bridgewater Bank use the Prime rate (lending rate) to set interest rates for variable loans and credit lines.
Bridgewater Bank Prime Rate: 2.45%
Bridgewater Bank Mortgage Scope
Bridgewater Bank Canada provides mortgage in urban and rural areas in:
- British Columbia.
Bridgewater Bank Canada Mortgage Brokers
- The Gateway Alternative Income Rental Mortgage.
- The Gateway Alternative Income Mortgage.
- The Gateway Simple Mortgage.
- The Gateway Rental Mortgage.
- The Gateway Self-Employed Mortgage.
- The Gateway Open Mortgage.
- The Gateway Remedy Mortgage.
- The Progressive Advance Mortgage (+ Land)
Bridgewater Bank Canada Investments (GIC Accounts)
Bridgewater Bank Canada provides an investment option with remarkable rates and modest investment terms to suit your needs. The Guaranteed Investment Certificates (GICs) are a safe and reliable investment that guarantees good returns in interests and attainment of your financial goals.
Bridgewater Bank works with several deposit brokers, financial advisors, and security dealers to provide its Guaranteed Investment Certificates (GICs).
- Suitable for all types of investors.
- Flexible terms, from several months to several years – 180 days up to 5 years.
- A strong financial option for short, medium, and long term goals.
- Competitive interest rates.
- No fees.
- CDIC protection on eligible deposits.
- Fixed interest throughout your term.
- Non-registered and non-redeemable investment account.
- The minimum investment is $5,000.
Bridgewater Bank GIC Rates
Bridgewater Bank Canada offers short term (less than one year) and long term (one to five years) non-registered GICs. As of the time of writing, Bridgewater Bank Canada has the following GIC rates.
Bridgewater Bank GIC Short Term Rates
|180 – 269 days||0.55%|
|270 – 364 days||0.55%|
Bridgewater Bank GIC Long Term Rates
Note: The rates shown above are annual and subject to change without notice. Contact the provider for current rates.
Bridgewater Bank Canada Savings Account
Bridgewater Bank Canada provides a savings account to help you save and reach your financial goals faster. The Bridgewater Bank Smart eSavings Account lets you save as much as you want, knowing that your money is safe and secure.
Other features of the Bridgewater Bank Smart eSavings Account include:
- One free withdrawal per calendar month. Additional withdrawal is $5 each per month.
- An initial deposit of $25 is required.
- A competitive interest rate of 1.55% is calculated daily on the total closing balance and paid monthly.
- No minimum ongoing balance is required.
- Easy interbank transfer of funds.
- Deposits are CDIC eligible.
- Joint account ownership allowed.
- Not available to residents of Québec.
How to Open an Account with Bridgewater Bank
To open a Bridgewater Bank Smart eSavings Account, you’ll need to contact the bank’s customer experience center to complete your application. To apply, you must provide your personal information, including:
- Your employment information.
- Social Insurance Number (SIN).
- A personal cheque from a bank account in your name for the deposit of funds into your Smart eSavings Account.
As a result of the required information above, to open a savings account with Bridgewater Bank, you must:
- Be a Canadian citizen or resident over the age of majority in your province.
- Have an existing chequing or savings account with a Canadian financial institution.
Bridgewater Bank Interest Rates
|Bridgewater Bank Products||Rates|
|180 – 269 days||0.55%|
|270 – 364 days||0.55%|
|Mortgage Prime rate||2.45%|
|Smart eSavings Account||1.55%|
Note: These rates are subject to periodic changes. Check with the provider for current rates.
Bridgewater Bank Safety Regulations
Bridgewater Bank Canada is a federally regulated financial institution operating through online and digital channels. The bank is supervised by the Office of the Superintendent of Financial Institutions (OSFI).
Also, deposits and accounts of the bank’s customers are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 on eligible deposits.
Eligible products for CDIC coverage include:
- Bridgewater Bank Non-Redeemable Guaranteed Investment Certificate (GIC)
- Bridgewater Bank Smart eSavings Account.
Other regulatory bodies include the Financial Consumer Agency of Canada (FCAC), the Canadian Payments Association, and the Ombudsman for Banking Services and Investment.
Bridgewater Bank Canada Membership
- Canadian Bankers Association (CBA)
- Registered Deposit Brokers Association (RDBA)
- Canadian Mortgage Brokers Association of BC (CMBABC).
- Alberta Mortgage Brokers Association (AMBA).
- Canadian Mortgage Brokers Association of Ontario (CMBA-Ontario)
- Payments Canada.
- Canadian Mortgage and Housing Corporation (CMHC).
- Mortgage-Backed Securities Issuer Association (MBSIA).
- Mortgage Professionals Canada (MPC)
Bridgewater Bank Contact
For questions, feedback, and other assistance, you can contact the bank’s Customer Experience Centre through:
Mail: Bridgewater Bank
Suite 150, 926 – 5th Avenue SW
Calgary, Alberta T2P 0N7
Bridgewater Bank Canada Editor’s Review
Bridgewater Bank Canada provides alternative financial products – mortgage, savings, and investments – that you can access and operate entirely from the comfort of your home. As a virtual bank, it has no physical branches. The bank operates only Monday to Friday (7 am to 9 pm) and has no mobile app for easy access to accounts.
If you want the convenience of banking and mortgage services, Bridgewater Bank might be what you need in your financial portfolio. However, if you need quick access to your funds and account monitoring, unlike other virtual banks in Canada, Bridgewater Bank may not provide you with regular digital services.
Bridgewater Bank Canada FAQs
How can I purchase a Bridgewater Bank GIC?
Bridgewater Bank works with a select network of expert deposit brokers and financial advisors – you can purchase a Bridgewater Bank GIC through them.
How do I get my GIC investment at maturity?
All GICs are non-registered accounts. At the end of the investment term, your funds are remitted via a post-dated cheque before maturity and are sent to your deposit broker. Subsequently, you can cash or re-deposit the cheques with Bridgewater Bank Canada.
What do I need to get a mortgage as a newly employed?
You must be employed for a minimum of 3 months and be past the probationary period at your place of employment.
How long does it take to get a mortgage with Bridgewater Bank?
It takes a minimum of 30 days and as many as 90 days to complete your mortgage qualifying and approval process.
How long do I wait to get my withdrawal?
You should get your money in about 3 to 5 business days.
How do I withdraw money from my Smart eSavings account?
Contact the bank customer centre, and they will transfer the funds requested into your external account.
Can I overdraw my Smart eSavings account?
No, overdrafts are not allowed with Smart eSavings accounts.
What does an external account mean and why do I need to wait for my withdrawal?
To open an account, your initial deposit is made by cheque drawn on a personal account at a Canadian bank account in your name made payable to Bridgewater Bank. This is your external account and is used for transactions to and from your Smart eSavings Account.